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i understand even if they reach a deal on the fiscal cliff, there are already defense cuts that will hurt anyway. >> that's right. those decisions have been made. what's so disappointing about this deal being constructed here, and hopefully there is one, is the fact sequestration is not on the table. that is going to take place anyway. we look at the readiness of our forces and readiness is a word that describes the preparedness to fight effectively and that he is what americans should remember. we look at one, do we have the people, and are they qualified with the appropriate skill sets, enlisted and officer. do we have the repair parts and maintenance hours to fix the equipment that we have and then are we able to train effectively with that with the amount of hours and time needed to do that. all of that would be cut back significantly, so the readiness of this force, its ability to fight is what i'm saying, would go down markedly. and also there's going to be significant morale impact to the force because all of the services on bases would be cut to include repair and maintenance
i understand even if they reach a deal on the fiscal cliff, there are already defense cuts that will hurt anyway. >> that's right. those decisions have been made. what's so disappointing about this deal being constructed here, and hopefully there is one, is the fact sequestration is not on the table. that is going to take place anyway. we look at the readiness of our forces and readiness is a word that describes the preparedness to fight effectively and that he is what americans should...
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Dec 31, 2012
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obama making remarks about the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the programs since 2009. he felt it was important to get the message out there. you are right he was pounding the same message again and again f. we go up the fiscal cliff for not meeting them halfway. >>> not because democrats and congre congre congress don't want to go ahead and cooperate but i think it has been hard for speaker boehner and republican mcconnell to accept the fact taxes on wealthiest should go up a little bit sweas well as a deficit reduction package. if they can't say yes to good offers i have an obligation to make sure the entire burden of deficit reduction doesn't fall on seniors who are relying on medicare. >> republicans are expressing frustration sa
obama making remarks about the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the programs since 2009. he felt it was important to get the message out there. you are right he was...
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Dec 31, 2012
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keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody has been talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled to be cut that we're using an ax instead ax instead of a scalpel. may not always be the smartest cuts and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these automatic spending cuts that are being threatened for next month, they have to be balanced. my principle is to do things in a balanced, responsible way and that means that revenues have to be part of the equation in turning off the sequester and eliminating the automatic spending cuts as well as spending cuts. now, the same is true for any future deficit ag
keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody has been talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled...
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Jan 1, 2013
01/13
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goes on to tweet republican's fiscal cliff double think fiscal crisis demands cuts in service, no investment in jobs but allows more tax cuts for richest americans. if and when this comes up for votes in the house and senate, it's unclear how many democrats especially on the left will support this, or buck the president, basically. bret? >> bret: ed henry live in the white house. thank you. stocks started the week up. possibly encouraged early in the day about talk of this possible deal. the dow finished ahead 166. the s&p 500 was up 24. the nasdaq gained 59 another deal not fiscal cliff related. the senate home security committee blasted the state department for failures leading to the deadly september 11th attack on the u.s. mission in benghazi, libya. this comes on the heels of another scathing report by an independent state department accountability review board that we have covered many times. chief intelligence correspondent catherine herridge has the latest senate report sites the white house for president obama inconsistent statements whether the benghazi assault was terrorist attack
goes on to tweet republican's fiscal cliff double think fiscal crisis demands cuts in service, no investment in jobs but allows more tax cuts for richest americans. if and when this comes up for votes in the house and senate, it's unclear how many democrats especially on the left will support this, or buck the president, basically. bret? >> bret: ed henry live in the white house. thank you. stocks started the week up. possibly encouraged early in the day about talk of this possible deal....
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Dec 31, 2012
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what we're doing here, we are not going to offset the fiscal cliff, just doing the bush tax cuts. we'll only take away about 11%, 12% of total economic impact of the so-called fiscal cliff, all of the policies brought together because you'll be letting the payroll tax expire, the refundable tax cuts expire, and the sequester will be doing and we won't be doing much deficit reduction. we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of congressional failure around this issue. >> well, let's talk about what exactly is likely to happen or is the threat of what will happen. talk about the pentagon. talk about federal workers. talk about obviously the unemploy unemployed whose benefits are going away. >> absolutely. the biggest -- the most dangerous thing, the fiscal cliff is the unemployment insurance. if we go over for a month we can sort of trick everything else. we can -- the irs can do some tricks to make it so you don't feel tax increases quickly. we can do tricks to make it so we don't lay off people at pentagon, we can furlough th
what we're doing here, we are not going to offset the fiscal cliff, just doing the bush tax cuts. we'll only take away about 11%, 12% of total economic impact of the so-called fiscal cliff, all of the policies brought together because you'll be letting the payroll tax expire, the refundable tax cuts expire, and the sequester will be doing and we won't be doing much deficit reduction. we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of...
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Jan 1, 2013
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it's not a good fiscal cliff deal if it give morse tax cuts to 2% and sets the stage for, in his words, quote, hostage-taking. he is voicing the concern that because the taxes only apply or go up on those making $400,000 or more and $450,000 if you're a couple, that essentially it's not hitting enough people. and he is voicing the concern that there might be deep cuts. so there is some pressure coming from the left for democrats to not necessarily accept the deal that is on the table. now, we saw president obama come out earlier today and talk about the fact that look, this isn't a perfect deal. this represents compromise on all sides. part of the reason you saw president obama come out today is not only to pressure republicans, but also to pressure democrats to get the deal done before this midnight deadline that is now so close and that is fast approaching. so there is some opposition that is being voiced from the left. could this impact the decision of some senate democrats? we'll have to wait and see, certainly. but, of course, when these deals come together, there are a lot of dis
it's not a good fiscal cliff deal if it give morse tax cuts to 2% and sets the stage for, in his words, quote, hostage-taking. he is voicing the concern that because the taxes only apply or go up on those making $400,000 or more and $450,000 if you're a couple, that essentially it's not hitting enough people. and he is voicing the concern that there might be deep cuts. so there is some pressure coming from the left for democrats to not necessarily accept the deal that is on the table. now, we...
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Jan 1, 2013
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draws closer and closer to that fiscal cliff. the defense department is facing billions in budget cuts. how a furlough could affect civilian employees in the u.s. and around the world. oh, hey mike. what are you up to? oh, just diagramming this accident with my state farm pocket agent app. you can also get a quote and pay your premium with this thing. i thought state farm didn't have all those apps? where did you hear that? the internet. and you believed it? yeah. they can't put anything on the internet that isn't true. where did you hear that? [ both ] the internet. oh look. here comes my date. i met him on the internet. he's a french model. uh, bonjour. [ male announcer ] state farm. more mobile than ever. get to a better state. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market
draws closer and closer to that fiscal cliff. the defense department is facing billions in budget cuts. how a furlough could affect civilian employees in the u.s. and around the world. oh, hey mike. what are you up to? oh, just diagramming this accident with my state farm pocket agent app. you can also get a quote and pay your premium with this thing. i thought state farm didn't have all those apps? where did you hear that? the internet. and you believed it? yeah. they can't put anything on the...
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Dec 31, 2012
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cliff is just a minor blip with you in the long run they actually won a large chunk of what they've been after? >> we're going to have to see what is the impact in the the days ahead. can the republicans somehow turn that around? they certainly, inside the white house believe just the opposite because they believe that john boehner was sort of out maneuvered here, he had been pressing the president, pressing the president for some of his issues and what boehner may have forgotten is at the end of the day if there's no action by the congress, all of the bush tax rates are expiring, so the president is going to get what he's wanted in this debate all along, which is that taxes are going up on the rich and-- >> the president's outmaneuvered the republicans from the very beginning on this. >> ed doesn't have to answer that question. >> and kimberly, we're going to give you the last question, before we go to mike emanuel. >> i have a civilized question for mr. henry. >> and civilized-- >> my goodness, bob. >> it sounds worse than the negotiations on the hill. >> it's worse, thank goodnes
cliff is just a minor blip with you in the long run they actually won a large chunk of what they've been after? >> we're going to have to see what is the impact in the the days ahead. can the republicans somehow turn that around? they certainly, inside the white house believe just the opposite because they believe that john boehner was sort of out maneuvered here, he had been pressing the president, pressing the president for some of his issues and what boehner may have forgotten is at...
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the senate to vote within 90 minutes of the deal averting the fiscal cliff figuratively. we will go off the cliff of the nation because taxes will go up on january 1, spending cuts will essentially be ready to go into place january 1 but just the senate passed the deal and sent to the house and they passed it, this can be averted. my colleague rich edson live on capitol hill to explain why although there could be a vote tonight, this is far from a done deal. rich: absolutely. vice president joe biden who has been trying to influence senate democrats, many of them skeptical to support this deal he is negotiate with senate minority leader mitch mcconnell. they want this to be much lower rate is placed on the deal for individuals, $430,000 for married couples. what we're hearing now is the drafting is ongoing, national budget office is taking a look k at this to see exactly how much it is going to cost but as it is known with the impact of the deficit going to be, senator joe lieberman said a short while ago they will try to vote on this thing at some point this evening as w
the senate to vote within 90 minutes of the deal averting the fiscal cliff figuratively. we will go off the cliff of the nation because taxes will go up on january 1, spending cuts will essentially be ready to go into place january 1 but just the senate passed the deal and sent to the house and they passed it, this can be averted. my colleague rich edson live on capitol hill to explain why although there could be a vote tonight, this is far from a done deal. rich: absolutely. vice president joe...
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Dec 26, 2012
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president obama cutting his trip to hawaii short to work a deal that could avoid the fiscal cliff in a few days. we'll break down what's at stake in "your money." >>> if you got fewer presents under the tree, you may be ready. spending numbers are coming in, and they're not pretty. >>> plus, new numbers for apple's ipad mini and more. that's coming up on "worldwide exchange." >>> good morning and welcome to a special edition of "worldwide exchange." i'm jackie deangelis along with seema mody. ross and kelly are off for boxing day. they'll be back tomorrow. >> that's right. >>> let's get a brief check on the markets this morning. energy and metals are trading at this hour on the nymex. you see crude oil up .6%. brent crude also up. and take a look t yellow metal, gold. down just fractionally. now u.s. futures will begin trading in about a half-hour. the cme globex has been closed for christmas and will reopen at 6:00 a.m. eastern time. that also goes for treasuries and the foreign exchange market. >>> as for the action in the overseas market, the youu.k. is closed for boxing day as ar
president obama cutting his trip to hawaii short to work a deal that could avoid the fiscal cliff in a few days. we'll break down what's at stake in "your money." >>> if you got fewer presents under the tree, you may be ready. spending numbers are coming in, and they're not pretty. >>> plus, new numbers for apple's ipad mini and more. that's coming up on "worldwide exchange." >>> good morning and welcome to a special edition of "worldwide...
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Jan 1, 2013
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americans as part of their framework for avoiding the fiscal cliff. but spending cuts still very much up in the air. team fox coverage continues with rich edson on capitol hill. rich, what's the latest on that framework. >> trace, in just a few hours, tax rates across the board are scheduled to increase. this proposal deals with it. this is the framework that senators have been discussing here. families would pay the same income tax rates they do now on the first $450,000 of income amounts of more than that they get a tax increase. one year extension of long-term unemployment benefits. doctors are scheduled to get a significant pay cut. this plan prevents that and on the estate tax, can you palings -- pass on $5 million tax tree anything more the government takes 40%, trace. >> trace: what's the hold-up from lawmakers exactly? >> in some corners, it's the spending cuts dealing with the sequester. those automatic spending cuts that are supposed to hit the economy this year or this upcoming year. there are democrats that have issue. senate democrats hav
americans as part of their framework for avoiding the fiscal cliff. but spending cuts still very much up in the air. team fox coverage continues with rich edson on capitol hill. rich, what's the latest on that framework. >> trace, in just a few hours, tax rates across the board are scheduled to increase. this proposal deals with it. this is the framework that senators have been discussing here. families would pay the same income tax rates they do now on the first $450,000 of income...
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Jan 1, 2013
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that we don't want to inflict on you, but would have to by the design of the fiscal cliff, that oh, by the way, we created a year and a half ago. they actually couldn't get the social security cuts through this time. but republicans have promised and obama will probably be happy to go along with it that in the next few months they're going to you know, take another crack at "entitlement reform." but i think that whether or not this deal ends up being a good one for -- for democrats, depends on whether or not the president holds firm in the commitment he made. that he will refuse to negotiate on the debt ceiling. he is saying forget it. i'm not even going to talk about it. i don't care what you want to give me to raise the debt ceiling, i don't care what you want about the debt ceiling, i'm not going to touch the debt ceiling. now what does that mean? does that mean he is going to pay the debts even if the republicans don't raise the debt ceiling. we don't know, but he has insisted, both in private and with his staff in his public statements and in private with others that this is a
that we don't want to inflict on you, but would have to by the design of the fiscal cliff, that oh, by the way, we created a year and a half ago. they actually couldn't get the social security cuts through this time. but republicans have promised and obama will probably be happy to go along with it that in the next few months they're going to you know, take another crack at "entitlement reform." but i think that whether or not this deal ends up being a good one for -- for democrats,...
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Dec 26, 2012
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if we're going to cut the size and scope of government perhaps we should go over the fiscal cliff so people will understand government spending is out of control and may start to ask questions being asked at the kitchen tables of every family, why we see christmas sales so low. they're saying how do we make major purchases? people are cutting back in personal lives, they want got to do the same. something else is playing into christmas sales being low. christmas itself is under attack. a lot of christian conservatives believe that if we're going to say happy holiday, perhaps those that think it's any other holiday should support the economy and they're not buying the gifts they used to buy. they do christian efforts locally in churches and talk to families about other things than gifts. >> we always say merry christmas here but stay on this here. if we do go over the fiscal cliff, yes, taxes will go up. molly outlined how much for every income level across the board. >> very hard. >> down the road, isn't it the only way we get our fiscal house back in order? >> that's what i'm hearin
if we're going to cut the size and scope of government perhaps we should go over the fiscal cliff so people will understand government spending is out of control and may start to ask questions being asked at the kitchen tables of every family, why we see christmas sales so low. they're saying how do we make major purchases? people are cutting back in personal lives, they want got to do the same. something else is playing into christmas sales being low. christmas itself is under attack. a lot of...
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Jan 1, 2013
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actually going over the fiscal cliff will help some republicans vote for a measure when maybe before they would have voted against it. some republicans up even though they are not on board, won't vote for this unless they have to. but i think john boehner wants more than 30 republicans to be on board with him. >> no doubt the case. brianna keilar in washington. looking for signs all morning about how this will go down. any smoke rising from the speaker's office, we know are you watching. >> let's dive into the senate deal. what it does on the business side. popular tax breaks extended, including a credit for research, which benefits high-tech companies and appear an investment rightoff that helps manufacturers. the long-term unemployed receives emergency benefits for another year. doctors spared a 27% cut in medicare reimbursements set to take effect in january. the $30 billion cost would be cut by cutting other health care programs. >> and tim huelkamp, you and i got into a little dustup last night. brand new year, 2013. let's start over again. happy new year to you, sir. >> happy n
actually going over the fiscal cliff will help some republicans vote for a measure when maybe before they would have voted against it. some republicans up even though they are not on board, won't vote for this unless they have to. but i think john boehner wants more than 30 republicans to be on board with him. >> no doubt the case. brianna keilar in washington. looking for signs all morning about how this will go down. any smoke rising from the speaker's office, we know are you watching....
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Dec 28, 2012
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do they want to go off the fiscal cliff? go to facebook.com/newsnation to vote. that does it for us. i'm craig melvin in for tamron hall. "the cycle" up next and go skins. new years clutter is no match for someone with big ideas. with a new project in mind, some how-to knowledge to give us an edge, and more savings down every aisle. it only takes a few twists and turns for those bright ideas to make the new year even brighter. more saving. more doing. that's the power of the home depot. start fresh and save with hdx 20 gallon totes, a special buy at just $5.88 a piece.
do they want to go off the fiscal cliff? go to facebook.com/newsnation to vote. that does it for us. i'm craig melvin in for tamron hall. "the cycle" up next and go skins. new years clutter is no match for someone with big ideas. with a new project in mind, some how-to knowledge to give us an edge, and more savings down every aisle. it only takes a few twists and turns for those bright ideas to make the new year even brighter. more saving. more doing. that's the power of the home...
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Jan 1, 2013
01/13
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the senate's fiscal cliff deal would kick that can down about two months to march. a lot of federal agencies trying to figure out what's that going to mean down the road? and then there's the continuing budget resolution which uses short-term band aids. the current resolution expires towards the end of march. so, before you think that we've averted any kind of fiscal cliff, we're actually hanging off of it by our fingernails waiting for the house to fix it and you've got all these other deadlines. >> it's no joke. we have gone to the brink on each one of those three things. >> that's the way we do it now. we wait until the absolute last minute to get things done. >> let me give you the glass half full here. we are in -- >> half full of champagne. >> we're in an environment of risk, we're not making it worse type environment. we're doing things to embrace the deficit and the debt. slowly but we're doing it. >> the problem not having a budget really is fundamentally a problem. the government does all sorts of things, passes all sorts of resolutions whether you like th
the senate's fiscal cliff deal would kick that can down about two months to march. a lot of federal agencies trying to figure out what's that going to mean down the road? and then there's the continuing budget resolution which uses short-term band aids. the current resolution expires towards the end of march. so, before you think that we've averted any kind of fiscal cliff, we're actually hanging off of it by our fingernails waiting for the house to fix it and you've got all these other...
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Dec 31, 2012
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in the fiscal cliff could slow economic growth by a half a percentage point and send unemployment up to 9.1% over the course of 2013. the nonpartisan tax policy center calculate that is the average middle class family would see its tax rates -- its tax bills rise next year by $2,000. the fiscal cliff isn't the only thing rattling the economy. in just a few weeks lawmakers will begin battling over the debt ceiling. you may recall that in the summer of 2011 the debt limit standoff led to the first ever downgrade of the nation's credit rating. joining us now from capitol hill is cnbc's aman jabbers. appreciate you helping us make sense of all of this. >> happy new year. thank you for having me. >> on a less happy note, there are economists who are saying this whole fight over the fiscal cliff, the rangeling in washington has already caused a hit on the economy. can you explain sort of what the impact of the debate has been. >> you dw definitely seen it. ju as early as friday when we report that the president was not making his new offer with offers down at the white house. we saw the st
in the fiscal cliff could slow economic growth by a half a percentage point and send unemployment up to 9.1% over the course of 2013. the nonpartisan tax policy center calculate that is the average middle class family would see its tax rates -- its tax bills rise next year by $2,000. the fiscal cliff isn't the only thing rattling the economy. in just a few weeks lawmakers will begin battling over the debt ceiling. you may recall that in the summer of 2011 the debt limit standoff led to the...
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Dec 27, 2012
12/12
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can president obama come pack -- back and fix this fiscal cliff? >> no,e's decided he's not going to cut anything, anywhere. it's not a discussion. john boehner put the ball back in his court saying i'll ease up on taxes and he's not willing to cut significant spending. >> thank you very much. >>> fair and balanced. democratic congressman gregory meeks joins me live in the studio. you were feisty on the way in saying you and are going to to getting together on the house floor and sign a deal. no fiscal cliff. >> we have to work it out. it's bad for the country if we don't. i've talked to a number of friends from bothides of the aisle and we are hopeful it gets worked out. >> how can you work itut when the president himself, according to the "wall street journal" said -- speaker boehner came up with $800 billion and he said that doesn't cnt. >> it's clear we see what the problem is. the problem is, as the speaker indicated before we broke, he thought he had votes. so his plan b. the speaker said, and the majority leader said, i have the votes. we we
can president obama come pack -- back and fix this fiscal cliff? >> no,e's decided he's not going to cut anything, anywhere. it's not a discussion. john boehner put the ball back in his court saying i'll ease up on taxes and he's not willing to cut significant spending. >> thank you very much. >>> fair and balanced. democratic congressman gregory meeks joins me live in the studio. you were feisty on the way in saying you and are going to to getting together on the house...
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Dec 31, 2012
12/12
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KRON
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cliff we are in the final hours from keeping lawmakers from going over that so- called fiscal cliff. >> economist there that the combination of automatic spending cuts and tax increases could trigger a new recession. >> and spencer explains how negotiations today must now overcome a " major setback. >> there will be part of it that i find disgusting rest principle which i may have to swallow in the name of compromise. be a rare session on capitol hill. >> the senate will come to order. >> as lawmakers try to avoid the so-called fiscal cliff. >> both sides agreed to push forward. >> i want everyone to know i am willing to go the distance. but i need a dance partner. >> vice-president joe biden departure for mcconnell. >> if is not resolved by midnight tonight tax increases will be for all americans. >> one mom said to me in michigan that is four months' worth of groceries. >> that is gas for me back and forth to work. >> democrats won higher taxes on americans earning more than two of the $50,000 a year. >> republicans want taxes to stay where they are. >> others want to see governmen
cliff we are in the final hours from keeping lawmakers from going over that so- called fiscal cliff. >> economist there that the combination of automatic spending cuts and tax increases could trigger a new recession. >> and spencer explains how negotiations today must now overcome a " major setback. >> there will be part of it that i find disgusting rest principle which i may have to swallow in the name of compromise. be a rare session on capitol hill. >> the senate...
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Dec 31, 2012
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that are part of the fiscal cliff. mr. mccain: may i thank the senator from maryland, as always, for her usual courtesy and i think she had a very important message and i appreciate not only the words themselves but her eloquence and passion. mr. president, i ask unanimous consent that the senator from south carolina be included in a colloquy during my remarks. the presiding officer: without objection. mr. mccain: mr. president, i, like i believe all of us just finished watching the president's remarks at -- i guess it was the executive office building. and i'm not sure yet as i sort out my impressions of the president's remarks as to whether to be angry or to be saddened. i've been around this town for a number of years, and as is well known, i had an interest in the presidency more than academic and i've watched a lot of presidents, going back to president reagan from the standpoint of a member of congress. and i've watched these other crises as we go through them, whether it be the potential shutdown of the governme
that are part of the fiscal cliff. mr. mccain: may i thank the senator from maryland, as always, for her usual courtesy and i think she had a very important message and i appreciate not only the words themselves but her eloquence and passion. mr. president, i ask unanimous consent that the senator from south carolina be included in a colloquy during my remarks. the presiding officer: without objection. mr. mccain: mr. president, i, like i believe all of us just finished watching the president's...
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Dec 31, 2012
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defense sector facing major cuts if we do go over the fiscal cliff. how that industry will be affected if we don't get a deal today, we'll talk about that after the break. stay with us. any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> they say the biggest priority is making sure we deal with the debt in a serious way. the way they're behaving is their only priority is making sure that tax breaks for the wealthiest americans are protected. >> there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness and interest, or frankly, the courage to close the deal. >> the deadline to get a deal done, steadily getting closer and closer. the defense industry wi
defense sector facing major cuts if we do go over the fiscal cliff. how that industry will be affected if we don't get a deal today, we'll talk about that after the break. stay with us. any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader...
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Dec 28, 2012
12/12
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i don't think the fiscal cliff problem hit social security or medicare right away. they kind of sealed that off from se questions ration. but you mentioned unemployment before. there are a variety of other government programs that will be drastically cut back on tuesday morning if we don't get some kind of a deal by monday night. >> you know, ryan, when you look at -- when clarence was talking,ives looking and i think i have it. bills that republicans and congress have blocked this year. a bill that would have increased the minimum wage, a buffet rule bill, the employment, nondis crimination act that would have prohibited hiring people on the basis of sexual orientation. a u.n. treaty to protect the rights of disabled people around the world and the paycheck famous act so that women don't get paid less than men for doing the same job. i mean, there's been a variety of bills that they have seen not go past. they have actually stopped in a variety of ways that would have helped the american people. >> yeah, and you can throw the violence against women act, reauthoriza
i don't think the fiscal cliff problem hit social security or medicare right away. they kind of sealed that off from se questions ration. but you mentioned unemployment before. there are a variety of other government programs that will be drastically cut back on tuesday morning if we don't get some kind of a deal by monday night. >> you know, ryan, when you look at -- when clarence was talking,ives looking and i think i have it. bills that republicans and congress have blocked this year....
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Dec 27, 2012
12/12
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to avoid the looming fiscal cliff. with five days until major spending cuts kick in and taxes go up on everybody, the white house says president obama made separate phone calls to the senate leaders, harry reid, and john boehner. that was last night before the president took air force one from hawaii to washington. molly is live for us at the white house. update us on the next move from the obama administration. >> despite the phone calls that the president made before he left hawaii, he spoke to top democrats and republicans and no negotiation meetings have been set. at least not formally or public limit there's nothing set yet between all the sides to discuss this. the president's back in washington after he cut short vacation to get back to the white house for possible last minute fiscal cliff talks leaving his wife and daughters in hawaii. the vice president is scheduled to be here today for meetings. don't forget the obama administration and congress have the debt ceiling hanging over them. the u.s. set to hit the
to avoid the looming fiscal cliff. with five days until major spending cuts kick in and taxes go up on everybody, the white house says president obama made separate phone calls to the senate leaders, harry reid, and john boehner. that was last night before the president took air force one from hawaii to washington. molly is live for us at the white house. update us on the next move from the obama administration. >> despite the phone calls that the president made before he left hawaii, he...
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Jan 1, 2013
01/13
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the vote came after the midnight deadline on new year's eve to avoid the so-called fiscal cliff. spending cuts and tax hikes has of been delayed until march. but it still has to be approved by the house of representatives. >> this is the man who seems to have made all the difference. vice president joe biden came in the 11th hour to broker an agreement. but the deal comes at the december 31 deadline. for now, the u.s. is over the fiscal cliff. it has passed its first test in the senate with overwhelming support. >> of the house stands adjourned until noon tomorrow. >> but the key test to the agreement is whether it can pass here, the republican-controlled house of representatives. early on monday, president obama surrounded himself with middle- class families to make the point that it would be average americans who would be hardest hit by a failure to compromise. >> the agreement being worked on right now would further reduce the deficit by asking the wealthiest 2% of americans to pay higher taxes for the first time in two decades. that would add additional hundreds of billions o
the vote came after the midnight deadline on new year's eve to avoid the so-called fiscal cliff. spending cuts and tax hikes has of been delayed until march. but it still has to be approved by the house of representatives. >> this is the man who seems to have made all the difference. vice president joe biden came in the 11th hour to broker an agreement. but the deal comes at the december 31 deadline. for now, the u.s. is over the fiscal cliff. it has passed its first test in the senate...
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Dec 30, 2012
12/12
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cliff is just an early battle in a war that democrats are going to win" where do you think republicans went wrong? >> well, you know, the problem for republicans i think isn't so much a tactical decision they made but isn't acknowledging where public opinion is. the reason democrats have the upperhand isn't just because the policy they want sort of happens automatically. all the tax cuts including the tax cuts for the wealthy expire on january 1. so that is sort of a short term advantage. these programs, medicare, social security are incredibly popular. cutting them is unpopular. republicans' basic agenda is to cut them. some want to cut them or reform them for totally good reasons that costs are rising over time and as the population ages they take up more and more of the economy and more government spending. they are at a strategic disadvantage which is they want to cut programs that are incredib incredibly popular. anytime you are set against the consensus of public opinion it is a difficult course. you have to acknowledge that reality. as long as obama and democrats have that they
cliff is just an early battle in a war that democrats are going to win" where do you think republicans went wrong? >> well, you know, the problem for republicans i think isn't so much a tactical decision they made but isn't acknowledging where public opinion is. the reason democrats have the upperhand isn't just because the policy they want sort of happens automatically. all the tax cuts including the tax cuts for the wealthy expire on january 1. so that is sort of a short term...
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Dec 31, 2012
12/12
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we'll have more on that and the fiscal cliff negotiations in a minute. >>> first, i want to show you the rest of the world is ringing in the new year. midnight arrived in asia. they are calling it a pyre tech nick musical. they were scheduled to begin an hour before midnight. hong kong on the top ten places to ring in the new year. let's listen. ♪ ♪ ♪ ♪ >>> ring in the new year, good morning 2013. we'll continue to monitor all of these celebrations as the day rolls on. the night rolls on in some cases. midnight in the u.s. is the big fiscal cliff deadline. there are two fronts we are watching today. capitol hill and wall street. let's see if there's any movement on capitol hill. stock markets moving up because it's a little erratic. dana bash is watching that live for us. dana, last hour you were saying progress is being made. now you've been hearing rumblings on the opposite from the far left. what are you hearing now? >> very interesting. we have been hearing from both sides of the aisle that part of the big issue has been to get over objections from conservative republican
we'll have more on that and the fiscal cliff negotiations in a minute. >>> first, i want to show you the rest of the world is ringing in the new year. midnight arrived in asia. they are calling it a pyre tech nick musical. they were scheduled to begin an hour before midnight. hong kong on the top ten places to ring in the new year. let's listen. ♪ ♪ ♪ ♪ >>> ring in the new year, good morning 2013. we'll continue to monitor all of these celebrations as the day rolls on....
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Dec 30, 2012
12/12
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the fiscal cliff is the worst -- i mean they know what they got to do. they just don't want to do it because it's unpleasant. they know raising taxes and cutting spending but i -- >> i'm going to give you the worst political theater, new york governor andrew cuomo and new york mayor michael bloomberg blaming hurricane sandy on global warming. come on guys! >> he's right. >> you build houses on the shoreline and you're going get flooded whether it's a combination of high tides, storm surge and wind even by a category 1. the weakest category. like sandy. you going to get flooded. you got it pat? >> seems to >>> okay. most underreported story of 2012. pat? >> now the big media went into the tank for barack obama. >> eleanor? >> when you have hundred year storms every couple of years. you've got a problem. the most seriously underreported story is the threat of climate change. >> oh dear. susan? >> federal government rate of the gibson guitar factory. they confiscated the merchandise because a small business took some wood -- that was the incorrect level of
the fiscal cliff is the worst -- i mean they know what they got to do. they just don't want to do it because it's unpleasant. they know raising taxes and cutting spending but i -- >> i'm going to give you the worst political theater, new york governor andrew cuomo and new york mayor michael bloomberg blaming hurricane sandy on global warming. come on guys! >> he's right. >> you build houses on the shoreline and you're going get flooded whether it's a combination of high tides,...
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Dec 26, 2012
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. >> the seeds of the fiscal cliff were planted in 2001 with the ten-year window for the bush tax cuts. secondly, look, you're not going to like this, rick, but the fact is the president has come more than halfway in terms -- he hasn't come anywhere. he's come halfway on 7%. he hasn't come halfway on the other side, the entitlement side, the reform side. we're going to a too light deal that's too small. >> a lot of people are saying he wants to go over the cliff because it gives him more leverage. >> yes. >> his treasury secretary said that. tim geithner said that on cnbc. >> right. >> well, look, i mean, first of all, i don't believe he wants to go over the cliff, but if we go over the cliff, the economic downturn only occurs as others have said in this very segment if we stay over. if we go over and quickly reverse the damage. it's not good. it's bad, but it's a lot better than the recessionary scenario of staying over. >> rick? >> i listened. doesn't change my mind what. are you going to be saying four years from today? >> we didn't expect it to. >> matt, what do you make of what's
. >> the seeds of the fiscal cliff were planted in 2001 with the ten-year window for the bush tax cuts. secondly, look, you're not going to like this, rick, but the fact is the president has come more than halfway in terms -- he hasn't come anywhere. he's come halfway on 7%. he hasn't come halfway on the other side, the entitlement side, the reform side. we're going to a too light deal that's too small. >> a lot of people are saying he wants to go over the cliff because it gives him...
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Dec 28, 2012
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if we go over that fiscal cliff, that triggers fears of automatic spending cuts, and we are just looking at the defense piece today. the pentagon will face a cut of $492 billion. that is about a half trillion dollars over nine years. that works out to about a 55 billion-dollar cut per year, starting next year, 2013. defense analysts say this on top of hundreds of additional cuts already in place for defense will be devastating to the military. >> it is going to affect the operational force that is its livelihood to get it equipment and not just the force in afghanistan that is being reduced. it would impact the training as well. reporter: there is a large defense industry will also be hit. private companies may not get government contracts to keep them in business. >> severe budget cuts could literally put national security at risk if the companies that make the f-35 fighter jet or nuclear submarines or artillery pieces don't have the money and have to lay off work force and close facilities. reporter: jim moran said his district, right outside of washington, home to many who work in the
if we go over that fiscal cliff, that triggers fears of automatic spending cuts, and we are just looking at the defense piece today. the pentagon will face a cut of $492 billion. that is about a half trillion dollars over nine years. that works out to about a 55 billion-dollar cut per year, starting next year, 2013. defense analysts say this on top of hundreds of additional cuts already in place for defense will be devastating to the military. >> it is going to affect the operational...
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Dec 31, 2012
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but avoiding the fiscal cliff is really not the goal here. cutting the deficit is. this is a case of gigantic political friendly fire in my view. we're targeting the wrong enemy. we should be targeting the deficit. >> i've read, dan, more carefully and it's extremely insightful. and one of the things that i take from you is that you're a markets guy who thinks about macro, and not just u.s. macro, but global macro. what i don't get about what you're saying now -- one thing i get very much about what you're saying now is a small deal doesn't solve anything except the immediate cliff problem and that's not the only problem we have. it's actually relatively minor, i agree with you. but if we engage in $500 billion fiscal contraction next year i think we're going to have a recession. as a guy who pays attention to macro, how does that help anybody? >> well, look, i actually -- one of the reasons i said, and it was a provocation of saying, the fiscal cliff, after the election, my view of where this was going was exactly where we are this morning. which is probably why yo
but avoiding the fiscal cliff is really not the goal here. cutting the deficit is. this is a case of gigantic political friendly fire in my view. we're targeting the wrong enemy. we should be targeting the deficit. >> i've read, dan, more carefully and it's extremely insightful. and one of the things that i take from you is that you're a markets guy who thinks about macro, and not just u.s. macro, but global macro. what i don't get about what you're saying now -- one thing i get very much...
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Jan 1, 2013
01/13
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senate overwhelmingly passed a budget deal to avert the physical cat cliff -- fiscal cliff which would increase taxes and set into motion deep spending cuts. this is video of vice president joe biden after a meeting with top senate leaders. but the house of representatives has to vote on the measure. they left capitol hill yesterday without approving deals. so can congress get this done and finalize today? the deadline is passed and we could know by lunchtime today. here's ed payne with -- pain with -- payne with more on the story. >> reporter: at the stroke of midnight, many americans were celebrating and ringing in the new year. but the mood in washington was much more serious.vice president joe biden went to capitol hill monday night after senate leaders struck a deal with the white house. >> happy new year. >> reporter: the senate went back into session and around 2 a.m. the vote was in. >> the bill as amended is passed. >> reporter: in an 89-8 vow they approve a measure -- vote, they approveed a measure -- he proved a measure to keep bush era tax cuts for those earning less than 4
senate overwhelmingly passed a budget deal to avert the physical cat cliff -- fiscal cliff which would increase taxes and set into motion deep spending cuts. this is video of vice president joe biden after a meeting with top senate leaders. but the house of representatives has to vote on the measure. they left capitol hill yesterday without approving deals. so can congress get this done and finalize today? the deadline is passed and we could know by lunchtime today. here's ed payne with -- pain...
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Dec 27, 2012
12/12
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if we're going to cut the sizeia and scope of government, perhaps we should go over the fiscal cliff so people understand government spending is out of control and may start to ask the questions being asked at the f round table and kitchen tables ofam every family white christms sales are so low. they're saying how can i make a major purchases in this economye people are cutting back and want government to do the same thing but something else is playing into why you are seeing christmas sales go so low this christmas season. a lot believe if we are going to say happy holidays perhaps those people who say it is any other holiday should support the economy as a result they are not buying the gifts they need to buy. they are talking to their families about a other things tn gifts.e. eric: stay on this a little bit, if we do go over the fiscal cliff, texas will go up. going up for every income level across the board. but down the road, is that the only way we get our fiscal house back in order? >> we're back down to the law, this is only a fe if you shouldy for massive government is unfa
if we're going to cut the sizeia and scope of government, perhaps we should go over the fiscal cliff so people understand government spending is out of control and may start to ask the questions being asked at the f round table and kitchen tables ofam every family white christms sales are so low. they're saying how can i make a major purchases in this economye people are cutting back and want government to do the same thing but something else is playing into why you are seeing christmas sales...
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Dec 31, 2012
12/12
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fiscal cliff talks are stalling. tax hikes and spending cuts. president obama said to speak in about 30 minutes from now. shibani: stocks are holding their ground. waiting for some sort of news out of washington. the dow sitting at session highs. at least we are closing. ashley: it changes with every headline. the world ringing in the new year. new zealand, australia, japan, china, we will get a sneak preview of celebrations being planned as times square gets prepared for 1 million visitors. it is a complete nightmare. [ laughter ] ashley: time now for stocks now as we do every 15 minutes. we are up 51 points. not too bad on this last trading day of the year. >> that is right. the dow has been pretty flat. going back and forth between the red and green. the nasdaq is up 30. same goes for the s&p stock of about nine points. we are also watching a settlement between u.s. regulators and about a dozen banks. sources tell the "new york times" that 14 banks include tank of america, wells fargo and jpmorgan chase. we are taking a look at those stocks.
fiscal cliff talks are stalling. tax hikes and spending cuts. president obama said to speak in about 30 minutes from now. shibani: stocks are holding their ground. waiting for some sort of news out of washington. the dow sitting at session highs. at least we are closing. ashley: it changes with every headline. the world ringing in the new year. new zealand, australia, japan, china, we will get a sneak preview of celebrations being planned as times square gets prepared for 1 million visitors. it...
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Dec 27, 2012
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timtime to take down the verbal warfare and cut a deal sparing the fallout of the fiscal cliff. gerri: can we get anything with any meaning before the end of the year? >> not get your hopes up on a big deal on the debt. not too many tax increases, some will be in there. avoiding the sequester, the spending cuts, that is the best thing that could happen at this point and i'm pretty optimistic person, i get up every morning thinking good things will happen but this is causing me to drink every night so i did not know if i will get there or not. gerri: you glass half-full kind of guy. i hope your champagne glasses more than half full on new year's. have a good one. while the chances of lawmakers reaching a deal seemed to be slim to none, you'll be glad to know some state lawmakers will% be warned though much more productive. here are some of our favorites. let's start with illinois. starting in 2013 and new law gives motorcyclists be okay to run red lights. leave it or not. after complaints from cyclist who say light sensors don't see the cycles. and the okay for computer-driven ca
timtime to take down the verbal warfare and cut a deal sparing the fallout of the fiscal cliff. gerri: can we get anything with any meaning before the end of the year? >> not get your hopes up on a big deal on the debt. not too many tax increases, some will be in there. avoiding the sequester, the spending cuts, that is the best thing that could happen at this point and i'm pretty optimistic person, i get up every morning thinking good things will happen but this is causing me to drink...
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Dec 27, 2012
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harris: president obama cutting his vacation short to avoid the fiscal cliff but house speaker john boehner says the people who need to take action are not in the oval office. >>> as the investigation continues into the deaths of four americans in libya we're learning people who were initially blamed are back on the payroll with little or no punishment. >>> unbelievable video. some aquariumgoers getting way too close to a real live shark. as close as you can get without becoming dinner. it is all "happening now." harris: hello, everyone, i'm harris faulkner, in today for jenna lee. jon: nice to have you up here in the big studio instead of down in the newsroom. harris: good to be here. jon: i'm jon scott. there is deadly weather pounding the united states. a powerful winter storm bringing snow and driving rain to the northeast. blizzard conditions in some areas. it is the same system that brought winter storms and tornados to the south and midwest. at least 12 people have died in this system. we're seeing major travel problems today as well. some areas are getting slammed all night long. an
harris: president obama cutting his vacation short to avoid the fiscal cliff but house speaker john boehner says the people who need to take action are not in the oval office. >>> as the investigation continues into the deaths of four americans in libya we're learning people who were initially blamed are back on the payroll with little or no punishment. >>> unbelievable video. some aquariumgoers getting way too close to a real live shark. as close as you can get without...
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Dec 31, 2012
12/12
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, like the ones in the fiscal cliff proposal or, at worse, the monetizing of the debt, the -- a drop in the value of the dollar, and all the harmful effects that that will have on our economy and our country. so, we come -- so, here we are december 31, not only the eve of a new year, which we hope and pray will be a great one for our country and everyone who lives in it, but a few hours away from letting our country go over the cliff. and we can't let it happen, and that's why i'm so encouraged that these bipartisan negotiations will produce -- are looking like they'll produce a bipartisan agreement which hopefully will come before the senate sometime this evening. this is not -- this will not be the comprehensive, bipartisan long-term debt agreement that we created the cliff to encourage. this will not be the bipartisan long-term debt reduction agreement that this country needs. so smuch going -- beginning to turn right in our economy. how's -- so much is going -- beginning to turn right in our economy. housing is doing so much better. unemployment is down. you see manufacturing pic
, like the ones in the fiscal cliff proposal or, at worse, the monetizing of the debt, the -- a drop in the value of the dollar, and all the harmful effects that that will have on our economy and our country. so, we come -- so, here we are december 31, not only the eve of a new year, which we hope and pray will be a great one for our country and everyone who lives in it, but a few hours away from letting our country go over the cliff. and we can't let it happen, and that's why i'm so encouraged...
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>> no vote tonight on the fiscal cliff. what are the chances of lawmakers cobbling a compromise tomorrow? would real pain start to hit everyone in the form of tax hikes and spending cuts? what other options do lawmakers have as a last resort. steven moore joins us from washington. steven is a senior economics writer with "the wall street journal." he writes op-eds. he's involved in the opinion pages. he's also a co-founder of the organization called club for growth, which has really been at the forefront of fighting tax increases across the board. so, you know, sometimes, steven, on tv we talk about grover norquist and a lot of people really don't like him. you think grover has the right idea. you have colleague es in the senate, in the house of representatives. we have talked about this endlessly for many months and we both sort of went into the last few days thinking they'll get a deal, they'll do it. it will increase some tacks on the rich and we'll figure out a number. i think both of us put forward it would be $500,000
>> no vote tonight on the fiscal cliff. what are the chances of lawmakers cobbling a compromise tomorrow? would real pain start to hit everyone in the form of tax hikes and spending cuts? what other options do lawmakers have as a last resort. steven moore joins us from washington. steven is a senior economics writer with "the wall street journal." he writes op-eds. he's involved in the opinion pages. he's also a co-founder of the organization called club for growth, which has...
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Jan 1, 2013
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put off for a couple of months. >> delayed. >> and that sets up the second fiscal cliff battle that washington will deal with and that is over the debt ceiling. explain that for folks who may not be following it. >> exactly. and you are right to point that out because these are two more battles really colliding with one another. kicking the can down the road, both parties on the sequester. two months from now we back here dealing with again whether or not they can come up with more spending cuts, more tax increases according to how the president is now saying it, he is saying it should be a split. he said that earlier at his event here that was criticized by republicans for looking like a campaign rally, looking like he was doing a victory lap. they deny that here and say the president was just rehe stating his principles here but he said this should be split between more are revenue and more spending cuts not just spending cuts. that is going to be controversial with republicans as you know. in two months they have to come back and buy down more of the sequester and shut it down mo
put off for a couple of months. >> delayed. >> and that sets up the second fiscal cliff battle that washington will deal with and that is over the debt ceiling. explain that for folks who may not be following it. >> exactly. and you are right to point that out because these are two more battles really colliding with one another. kicking the can down the road, both parties on the sequester. two months from now we back here dealing with again whether or not they can come up with...
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Jan 1, 2013
01/13
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still question lines before we get to the finish line and avert the fiscal cliff. in two months, the voice president told democrats behind closed doors, there will be a donnybrook in vintage biden speak when we talk about the mandatory spending cuts that they delayed to the end of february. >> thank you so much. we'll be back in a moment with continuing coverage of negotiations on the fiscal cliff, please stay with us. the boys use capital one venture miles for their annual football trip. that's double miles you can actually use. tragically, their buddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. but with the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. like gas station sushi. or super cheap car insurance. and then there are good decisions. like esurance. their coverage counselor helps you choose the right coverage for you at a great price. [ stomach growls ] esurance. now backed by alls
still question lines before we get to the finish line and avert the fiscal cliff. in two months, the voice president told democrats behind closed doors, there will be a donnybrook in vintage biden speak when we talk about the mandatory spending cuts that they delayed to the end of february. >> thank you so much. we'll be back in a moment with continuing coverage of negotiations on the fiscal cliff, please stay with us. the boys use capital one venture miles for their annual football trip....
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Jan 1, 2013
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that's how the markets will probably react to the fiscal cliff deal. yes, to be sure, the worst effects have been put off, but only for a while. there's still those spending cuts. they've been kicked down the road by two months. there's the $16.4 trillion debt ceiling, which has to be raised. that's been kicked off a couple of months. and then you've got the appropriations, the whole budget process, which will come back before the spring is over. so time and again, the markets in europe are saying we've seen how difficult it is to do these deals. look at what happened with greece, with bailouts, with sovereign debt crises, with the euro zone. it was only at the very last possible minute that compromise was reached, that the big bargain was done. and if you look at the united states, even at a time of, a moment when really both sides needed to do more than the minimum, the markets will be saying they failed to do so. so, yes, they will be relieved, there won't be any immediate reaction, but the markets are certainly putting the politicians on notice tha
that's how the markets will probably react to the fiscal cliff deal. yes, to be sure, the worst effects have been put off, but only for a while. there's still those spending cuts. they've been kicked down the road by two months. there's the $16.4 trillion debt ceiling, which has to be raised. that's been kicked off a couple of months. and then you've got the appropriations, the whole budget process, which will come back before the spring is over. so time and again, the markets in europe are...
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Jan 1, 2013
01/13
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but this sequester is, you know, it's a big part of the fiscal cliff. monetarily it's not quite half of it. it's worth $110 billion, and those spending cuts go into effect tonight. it's unclear if they are going to solve that part of it. >> woodruff: but todd s there, on the tax side, has there been agreement there, at least, on the senate side. because as we just reported some democrats say they don't like what they see. >> well, they don't need everybody. keep in mind, you-- what you need in the senate usually is 51 votes. we've gotten into this environment here where we assume that everything needs 60 votes. it doesn't have to be that way. you heard from senator harkin there, he and a bunch of other senate lib rarblingts shelton white house, al franken, jay rockefeller, other, huddled in harry reid's office earlier today. i was standing outside that room when they came out. they were tight-lipped. they were grim. they went into a side meeting all their own to try and decide what to do. they weren't talking when they came out. what you are looking for
but this sequester is, you know, it's a big part of the fiscal cliff. monetarily it's not quite half of it. it's worth $110 billion, and those spending cuts go into effect tonight. it's unclear if they are going to solve that part of it. >> woodruff: but todd s there, on the tax side, has there been agreement there, at least, on the senate side. because as we just reported some democrats say they don't like what they see. >> well, they don't need everybody. keep in mind, you-- what...
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Jan 1, 2013
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congress did not get it done and the country goes over the fiscal cliff in less th an hour but there is a deal in the works that could stop tax cuts, though it has to pass the house of congress in the next day and a half. it is uncertain. gary joins us now. >> reporter: taxes are going up for most workers because none of the deals being talked about stop taxes going up. for a working making $50,000 a year, that is a thousand dollars increase in your with holding. the income tax rates, there is a agreement to stop those for going up for 99%. there is a agreement to stop the big spending cuts from kicking in by kicking the can down the road a couple months. right now on the hill, outside the senate, they are waiting for word from vice president joe biden who is briefing the caucus on the deal that he reached with senate leaders and with the republican majority leader. they said a few moments ago that there will be a vote sometime before midnight tonight, no guarantee it will pass. whatever happens we are going over that cliff. >> happy new year. >> reporter: vice president joe biden me
congress did not get it done and the country goes over the fiscal cliff in less th an hour but there is a deal in the works that could stop tax cuts, though it has to pass the house of congress in the next day and a half. it is uncertain. gary joins us now. >> reporter: taxes are going up for most workers because none of the deals being talked about stop taxes going up. for a working making $50,000 a year, that is a thousand dollars increase in your with holding. the income tax rates,...
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Dec 31, 2012
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if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids were behaving the way these congress people are, they would be in the time out. if it was the public sector they would be fired. the only solution lies with us, the american people, and with us the voters demanding that they start working together and actually coming up with something. we cannot continue having these spec tackles every few months. it's like making sausage. >> can we talk about the optics of this? there are many saying this is a republican and democratic problem, we're here because republicans won't play ball. >> it's easy for me to say that, i do think that politically, the republicans will suffer more if this does
if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids were behaving the way these...
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Dec 31, 2012
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tax hikes aren't the only things at stake in the fiscal cliff negotiations. national security is also on the line with massive cuts at the defense department as part of the deal. leon pineda is prepping to send layo layoffs. >> if there is a deal done that doesn't set aside thense cuts because we already cut 489 billion out of the defense department i am disappointed as the president as commander-in-chief and disappointed with the republican party for letting this happen. >> sequestration was the penalty they imposed on itself last year when they failed to find $1.2 trillion of cuts they live with. now mhalf are directed at the pentagon but the dramatic across the board cuts can be offset by raising taxes on the rich. >> if we have raised revenue by the wealthy paying more that is sufficient to turn off the sectsec quest tore the automatic cuts. >> senator graham told me he thinks it is possible to find 600 billion cuts elsewhere to suspend for a decade but a bipartisan agreement probably can't be reached until february or march. peter doocy, fox news. >>> 17
tax hikes aren't the only things at stake in the fiscal cliff negotiations. national security is also on the line with massive cuts at the defense department as part of the deal. leon pineda is prepping to send layo layoffs. >> if there is a deal done that doesn't set aside thense cuts because we already cut 489 billion out of the defense department i am disappointed as the president as commander-in-chief and disappointed with the republican party for letting this happen. >>...
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Dec 30, 2012
12/12
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a while have held the upper hand on these fiscal cliff negotiations because what is it all mean? this is about taxes for democrats, and the bush tax cuts expire at the end of this year, and, look, they are saying republicans are going to come back and say we don't want taxes to go up for those, you know, making less than $250,000 a year or more, so they will come back at the beginning of the year and propose something that can get done. you heard chuck schumer who happens to be reid's top lieutenant say the same thing on "meet the press" last week, so i think that that's what democrats see as their leverage and their fallback. now, republicans see the debt ceiling as their leverage which is a tricky game. >> we're hearing that vice president joe biden has been linked to the negotiations. what do you think his role is in all of this, and why do you think he's being called in now? >> well, mitch mcconnell, a top republican aide told me, picked up the phone and called joe biden because they felt like these talks were going nowhere, that they hadn't heard back from harry reid and dec
a while have held the upper hand on these fiscal cliff negotiations because what is it all mean? this is about taxes for democrats, and the bush tax cuts expire at the end of this year, and, look, they are saying republicans are going to come back and say we don't want taxes to go up for those, you know, making less than $250,000 a year or more, so they will come back at the beginning of the year and propose something that can get done. you heard chuck schumer who happens to be reid's top...
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Dec 27, 2012
12/12
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cliff " a series of tax hikes and spending cuts set to take effect in five days. if this is video of the president leads in hawaii as he heads back to washington for work. house and senate members are expected to reconvene today as well. without a budget agreement, automatic tax increases for every one and deep spending cuts will be triggered in the new year. >> former president george h. w. bush is in intensive care a hospital this morning. mr. bush has been hospitalized there since last month and what is being described as a " stubborn fever ". a spokesman for his office said that the 88 year-old is on an all- liquid diet and has been and i see you since sunday. >> cleanup is underway in mobile, alabama this morning after its second tornado in a week. work crews cleared trees in a hard-hit neighborhoods yesterday. homes and businesses were damaged. a tornado with wind speeds up to 135 mi. per hour hit the city on christmas day. >> parts of upstate new york are seen a heavy snowfall. the national weather service has issued a winter storm warning until midday toda
cliff " a series of tax hikes and spending cuts set to take effect in five days. if this is video of the president leads in hawaii as he heads back to washington for work. house and senate members are expected to reconvene today as well. without a budget agreement, automatic tax increases for every one and deep spending cuts will be triggered in the new year. >> former president george h. w. bush is in intensive care a hospital this morning. mr. bush has been hospitalized there since...
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Dec 31, 2012
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but this sequester is, you know, it's a big part of the fiscal cliff. monetarily it's not quite half of it. it's worth $110 billion and those spending cuts go into effect tonight. it's unclear if they are going to solve that part of it. >> woodruff: but todd s there, on the tax side, has there been agreement there at least on the senate side. because as we just reported some democrats say they don't like what they see. >> well, they don't need everybody. keep in mind you-- what you need in the senate usually is 51 votes. we've gotten into this environment here where we assume that everything needs 60 votes. it doesn't have to be that way. you heard from senator harkin there he and a bunch of other senate lib rarblingts shelton white house al franken jay rockefeller, other huddled in harry reid's office earlier today. i was standing outside that room when they came out. they were tight-lipped. they were grim. they went into a side meeting all their own to try and decide what to do. they weren't talking when they came out. what you are looking for there i
but this sequester is, you know, it's a big part of the fiscal cliff. monetarily it's not quite half of it. it's worth $110 billion and those spending cuts go into effect tonight. it's unclear if they are going to solve that part of it. >> woodruff: but todd s there, on the tax side, has there been agreement there at least on the senate side. because as we just reported some democrats say they don't like what they see. >> well, they don't need everybody. keep in mind you-- what you...
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Dec 31, 2012
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so too will the fiscal cliff. $600 billion worth of tax increases and spending cuts. it is supposed to be automatic. but now republicans are suggesting a delay, the president just spoke trying to add pressure to congress to avoid going over the fiscal cliff. listen. >> my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain, whatever you want to call it, that solves our deficit problems in a balanced and responsible way that doesn't just deal with the taxes, but deals with the spending in a balanced way, so that we can put all this behind us focusing on growing our economy. but with this congress, that was obviously a little too much to hope for at this time. >> let's turn now to chief white house correspondent jessica yellin. let's talk a little bit about the outlines of the deal, the fact that the president came out to make his case and try to push this thing over the finish line. what does the white house have to do to gain the backing it needs. >> reporter: well, what we heard from the presiden
so too will the fiscal cliff. $600 billion worth of tax increases and spending cuts. it is supposed to be automatic. but now republicans are suggesting a delay, the president just spoke trying to add pressure to congress to avoid going over the fiscal cliff. listen. >> my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain, whatever you want to call it, that solves our deficit problems in a balanced and responsible...
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Dec 28, 2012
12/12
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cliff would bring massive increases and deep spending cuts treasury department would have treble paying its bills. many -- many worry it would plunge the u.s. back into a recession. one possible effect of the fiscal cliff, milk prices could spike two or three dollars a gallon because farm programs will expire the end of the year. some are calling that dairy cliff. wendy gillette, abc news, new york. >>> mike jing us with a look at the -- mike joining us with a look at the forecast, more rain on the way? >>> in due time we'll get light rain not this morning high clouds to the east from sutro tower in san francisco where dry now live doppler 7 hd spinning tracking the showers, the rain i should say as it is developing over the ocean water right now let's see how far that is, 41 miles from santa rosa, 51 from san francisco, under the returns, very dry air, sprinkles at best lieu the 30s, just updated these the entire peninsula, upper 30s only 40s left, half moon bay 41, oakland 42, san francisco 44. everybody else mid to upper 30s. 33 gilroy. 40 salinas. cool start today, light rain by the
cliff would bring massive increases and deep spending cuts treasury department would have treble paying its bills. many -- many worry it would plunge the u.s. back into a recession. one possible effect of the fiscal cliff, milk prices could spike two or three dollars a gallon because farm programs will expire the end of the year. some are calling that dairy cliff. wendy gillette, abc news, new york. >>> mike jing us with a look at the -- mike joining us with a look at the forecast,...